Accuracy of MyFico Scores?

This has been a great resource to use. I was wondering if anyone knew how accurate the scores on this site are. I have a 698 for TransUnion and Equifax. If I apply for a refinancing, they have told me that I need to get to 700. I think I can do that in a month or so by paying down another credit card fairly significantly. However, I don't want the bank to pull my scores until I am pretty sure that they are at 700. How confident can I be a 700 on this site will equal a 700 on something pulled by a lender? I have 710, 716. 724, and 742 on other sites, but I know those are FAKOs and I really don't have any faith in them (although they are fun to look at and review).

Re: Accuracy of MyFico Scores?

The EQ score from here is the same one used by lenders. It is a Beacon 5.0. There is a newer version Beacon 9.0 but few use it.

TU is TU98 and some still use it but not many. Most lender use TU04 and you can only get that from a lender. As with any version, there can be differencs in the scores. I can't say with any certainy if your TU98 would be higher or lower.

Re: Accuracy of MyFico Scores?

I don't think this information is accurate. You say it is the same used by the lenders, but this is untrue. I monitor my credit through myFico.com and also through Equifax, Experien and TransUnion. On my 3-credit report from Equifax it shows that my FICO score with them is still a 580 though you show it as a 636. My Experien shows it as a 665 though on my 3-credit bureau report it says it is a 608

So what is the real score? How does someone actually 'monitor' their credit when they are given varying credit scores depending on where they look? I had disputed a lot of items in my credit report and when myFICO came back saying it raised my score by over 47 points I was thrilled. But then I went to Equifax and say they still have me as a 580 though you show me as a 636...

Re: Accuracy of MyFico Scores?

Dyn, who are you talking to? We on the forums don't work for Fair Isaac. Are you looking at FICO scores or FAKO scores?

The score you're seeing for Experian has to be a FAKO, because consumers are not allowed to purchase the actual FICO scores direct from Experian anymore. Most credit monitoring services use non-FICO scores:

The scores from a CMS are less useful, to my mind, than the ability to monitor changes to what is being reported. If you're careful to pay things on time, every time, and to handle collections properly, the score will take care of itself.

Re: Accuracy of MyFico Scores?

I was hoping to actually get to someone who runs this website and/or the scores and tell me where they get their numbers since it is so much different. I thought what I was looking at was my actual FICO score, but if this is just another fly-by-night-kind-of-almost-monitoring-your-credit site, I don't want to pay for the service if what they show me is, again, not accurate. I want a REAL score from a REAL agency. Not another random 'almost'

I mean, now we throw in the FAKO score with the FICO score and the PLUS score. I was told that the credit bureaus use the FICO score but now I am hearing that they don't? Who the hell uses the right score to monitor our credit? If we're told that the lenders use FICO why are they using FAKO? Am I the only one who thinks this is ludicrous?

So what you're saying is that when a lender pulls my credit bureau reports, they are not even getting a real credit score? We went to refinance our property and when the lender pulled our credit report, it showed my FICO at almost 60-100 points LOWER than what this sites supposed "score" is. Also, according to Equifax, TransUnion and Experien, they get my scores from a FICO..but if your score and their score are 50+ points different, how is that even accurate? And, the lender pulled the 3-credit bureau report which, supposedly, had my current FICO score. Something is not right with any of this. How can a consumer really monitor their credit when there are so many different 'versions' of that credit? Its very misleading to think that your credit is almost 100 points higher than what you find it is when you actually apply for credit and/or refinancing

I do understand that the creditscore.com bases their score off of a PLUS score which is essentially a worthless number that doesn't mean anymore than throwing away the $12.95 monthly fee for essentially getting nothing in return. But THIS website (myFICO.com) should give an accurate snapshot of my actual credit FICO score...but it doesn't...

So which score is right? You say your website score is right. But the 3-credit bureaus who say tha they get their info from a FICO score obviously are not looking at the same thing you are...

Re: Accuracy of MyFico Scores?

I was told that the credit bureaus use the FICO score but now I am hearing that they don't?

Correct. All three bureaus sell scores, but sometimes they are not FICO scores.

Who the hell uses the right score to monitor our credit? If we're told that the lenders use FICO why are they using FAKO? Am I the only one who thinks this is ludicrous?

No. You are, in fact, preaching to the choir. I'm waving at you from the exact same boat.

So what you're saying is that when a lender pulls my credit bureau reports, they are not even getting a real credit score?

No, lenders pay a subscription fee to get an actual FICO score. (Most of the time. Certain lenders do not use FICO, but that is a small minority.) Lenders who pay for that subscription get the good stuff. Consumers who purchase their own scores? Not so much.

We went to refinance our property and when the lender pulled our credit report, it showed my FICO at almost 60-100 points LOWER than what this sites supposed "score" is.

What did your lender pull? Which bureau did they use? Because to complicate an already frustrating situation, there are multiple versions of FICO scores. Someone pulling a TU score could be getting TU98 or TU08 - both use the FICO algorithms, but could result in disparate scores.

How can a consumer really monitor their credit when there are so many different 'versions' of that credit?

Yep. A commonly expressed frustration on these very boards. This is not a consumer-driven setup.

So which score is right? You say your website score is right.

I did not say that. I said this site is where you can purchase a FICO score, but there's no one "right" score. If you are looking for a single number, one set of three digits To Rule Them All - you're chasing a phantom. A phantom that changes every month, no less! What you can do is to make sure your reports are as free from errors and negatives as possible. I see many, many people who get really tied up in the credit score and get frustrated. Focus on your overall financial health, because trying to chase a number is not always helpful.

I am in no way trying to mislead anyone. But the current system is what it is. I might as well get peeved at the tide going in & out - it happens whether I like it or not. So I control what I can, and leave it at that.

Re: Accuracy of MyFico Scores?

I mean, now we throw in the FAKO score with the FICO score and the PLUS score. I was told that the credit bureaus use the FICO score but now I am hearing that they don't? Who the hell uses the right score to monitor our credit? If we're told that the lenders use FICO why are they using FAKO? Am I the only one who thinks this is ludicrous?

The CRAs tend to use their own scoring algorithms (that is to say, not FICO) for the scores that they sell consumers. Many people don't know the difference, and it saves the CRAs in licensing fees that they would have had to pay to Fair Isaac.

For example, you bought a "3-credit report" from Equifax, either from their "Equifax Complete" line of credit monitoring products, or their Complete Report. If you go to the Scores & Reports Product Comparison Page and click on any of the "Experian", "Equifax", or "TransUnion" links under "Credit Score Features", you'll get this message (there is also a similar one at the bottom of the page):

The Equifax Credit Score is a proprietary credit scoring model developed by Equifax. It is a calculation of the information in your credit file, and is used to predict credit risk. It can be used to calculate a score for not only your Equifax credit file, but also your Experian and TransUnion credit files. This score ranges from 280 to 850, with higher scores representing lower credit risk. In other words, higher score are better scores. Each score comes with detailed explanation and tools. There are numerous credit scores and models available in the marketplace and lenders may use a different score when evaluating your creditworthiness.

The scores that you cite from your "3-credit report from Equifax" are not FICO scores. The only products from the Equifax site that give you a FICO score are Score Watch and Score Power. All other scores, including any scores derived from TU and Experian reports, are FAKO (a catch-all term used here for non-FICO scores (as in "fake FICO"), rather than a specific scoring product like PLUS).

Re: Accuracy of MyFico Scores?

I have the same question as well. I actually posted a similar question yesterday evening.

My FICO score via myFICO.com's Score Watch product shows an Equifax FICO score. However, I received the Discover It card in the mail yesterday. Included with the terms/conditions is a seperate page which provides my Equifax FICO score.

The FICO score provided by Discover is 30 points higher than what I see on the myFICO.com website.

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